Any talk of fiscal expansion stepping into the breach when monetary policy authorities run out of the road is, at best, wishful thinking.
The only two developed countries that do have fiscal space are Germany, with a debt to GDP ratio of just under 60% and Australia, where the need for fiscal stimulus was touted this week by Reserve Bank of Australia Governor Philip Lowe. However, Germany’s relatively more favourable fiscal position notwithstanding, the most responsible way forward for the vast majority of developed, emerging and frontier economies would be to focus on fiscal consolidation so they can build up a buffer in the event of a real recession. They should do this by keeping a tight rein on government spending and redirecting spending to investments in tangible assets, preferably infrastructure, suggests Sanlam Investments economist Arthur Kamp.
However, many issues stand in the way of realising a wealth tax’s full potential, with avoidance at the front of the queue and the complexity and administrative burden close behind. Also, a wealth tax could very well have an impact on the incentive to save and create wealth. These emergency SOE rescue efforts will put significant pressure on South Africa’s already unsustainable fiscal situation. Kamp sees the Budget deficit this year potentially coming in between 5.5% and 6% of GDP versus the 4.7% budgeted in February.Short of a tremendous leap in growth, we are not going to get the revenue numbers budgeted for in February,” says Kamp.
このニュースをすぐに読めるように要約しました。ニュースに興味がある場合は、ここで全文を読むことができます。 続きを読む:
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Business Maverick: China’s Growth Slides to Weakest Pace in Almost Three DecadesChina’s economy continued slowing in the second quarter, with sluggish domestic output and continuing trade tensions pulling growth down to the weakest pace since the early 1990s.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »
Business Maverick: Monday, July 15: Five Things You Need to Know to Start Your DayChina growth data is coming up, markets are set for a cautious start to the week and U.S. earnings season kicks off. Here are some of the things people in markets are talking about today.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »
BUSINESS MAVERICK: Old Mutual’s battle with Peter Moyo is not only about a conflict of interestAt the heart of the dispute between Old Mutual and sacked CEO Peter Moyo is NMT Capital, an investment firm Moyo co-founded with business titans Sango Ntsaluba and Thabiso Tlelai. Old Mutual is vexed that Moyo and other NMT shareholders wrongly pocketed dividends while the firm had outstanding preference share dividend payments to the insurer and debt obligations to the Industrial Development Corporation. NMT is potentially insolvent.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »
BUSINESS MAVERICK ANALYSIS: Africa’s beastly burden: The case for shrinking the faunal poverty lineIt is no coincidence that Africa is the world’s poorest continent and the last refuge of menacing megafauna. This has pre-historical roots and today, the poorest of the poor bear the brunt of human-wildlife conflict. The concept of the ‘faunal poverty line’ seeks to address this and put people first.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »
BUSINESS MAVERICK: How to address Venezuela’s crushing debt burdenWhen he finally leaves the political stage in Venezuela, Nicolás Maduro will leave behind a grim legacy of oppression, suffering and economic devastation. He will also leave a mountain of foreign-currency-denominated claims against the Venezuelan public sector – almost all of which is now in default – totalling more than $150-billion.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »
BUSINESS MAVERICK: Another one bites the dust as André Pillay resigns as Eskom group treasurerWith the departure of both Phakamani Hadebe and André Pillay, Eskom has lost key talent — both are specialists in the fixed income debt category. Pillay says he has been offered a job elsewhere.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »